Half-year Results

98% increase in net revenue, 120% increase in Adj. PBT and

31% increase in Adj. Basic EPS

41% of Group divisional EBITDA delivered from highly scalable, platform-based solutions

Brave Bison, the next-generation marketing and technology partner for global brands, today reports its unaudited interim results for the six months ending 30 June 2026.

Commenting on the results, Oliver Green, Executive Chairman, said:

"This has been another period of momentum for Brave Bison, with net revenue nearly doubling and Adjusted PBT up 120%, both ahead of our July trading update. Our platform-based solutions, including MiniMBA, continued to deliver strong organic growth, alongside a resilient performance from our Sport & Entertainment division.

"The record multi-year agreement between MiniMBA and Omnicom announced in May 2026 underlines the strength of our offering to the world's largest advertisers, and as separately announced we have progressed to a firm offer by the Company for System1 Group plc, which we believe is in the best interests of all Brave Bison and System1 shareholders."

Financial Highlights

Small apparent errors due to rounding

• Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments
• Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases.
• Adj. Profit After Tax divided by the weighted average number of ordinary shares in issue. Pursuant to a share consolidation approved by Brave Bison shareholders on 14 July 2025, the Company's issued ordinary share capital was consolidated on a 20 for 1 basis on 15 July 2025
• Net revenue of £23.9m (H1 2025: £12.0m), growth of 98% year-on-year as a result of accretive acquisitions, strong trading in the sport & entertainment division and growth at MiniMBA which grew organically by double-digits year-on-year
• Adj. EBITDA of £4.5m (H1 2025: £2.3m), 98% growth year-on-year and a margin of 19% (H1 2025: 19%). Adj. Profit Before Tax of £4.1m (H1 2025: £1.9m), 120% year-on-year increase as a result of consolidated acquisitions and cost synergies delivered
• Adj. Basic EPS for the period of 3.7p (H1 2025: 2.9p), a 31% increase year-on-year. During the period 9,763,821 new ordinary shares were issued to John Kearon as part of the Company's strategic investment in System1 Group plc ("System1") at a price of £0.74 per new ordinary share and 4,081,632 new ordinary shares were issued for cash to an entity controlled by Mark Ritson, Founder of MiniMBA
• Scalable, platform-based solutions delivered 41% of Group divisional EBITDA and 32% of net revenue in H1 2026, reflecting the high-margin, low marginal cost economics of this part of the business
• Statutory profit before tax of £2.1m (H1 2025: £0.1m). Acquisition and restructuring costs reduced to £0.6m (H1 2025: £1.5m) but amortisation of acquired intangible assets increased to £1.4m (H1 2025: £0.2m). The Board anticipates that acquisition costs will increase in the second half of 2026
• Net cash, excluding lease liabilities, of £4.7m at 30 June 2026 (31 December 2025: £4.3m, 30 June 2025: £3.9m). Operating cash inflow of £3.5m offset by negative working capital movements following strong cash collection in Q4 2025. £1.3m of cash was used to acquire 628,111 shares in System1 at a price of 210 pence per share, in addition to the share exchange with John Kearon
• The strategic investment in System1 had a market value of £11.0m at 30 June 2026, based on the mid-market closing price of 312 pence per System1 share
• Bank loan repayments of £2.6m completed in the period, with further repayments of £1.5m made in July 2026, in-line with the Group's capital allocation priorities

Strategic & Operational Highlights

• Acquisition of c.28% of AIM-quoted System1 for a blended average purchase price of 242 pence per System1 share on 2 March 2026. A subsequent firm offer to acquire the remaining issued share capital of System1 for 327 pence per share (based on 135 pence in cash and 2.04 new ordinary shares in Brave Bison at the 20-day-volume weighted average closing share price per Brave Bison share of 94 pence per Brave Bison share on 10 July 2026, being the last business day before the commencement of the offer period) was announced on 30 July 2026 after period end
• Record contract wins at MiniMBA, including a multi-year agreement with Omnicom the world's largest advertising holding company. Following acquisition in August 2025, Brave Bison has substantially improved the marketing, sales and product development capabilities of this category-leading marketing training business
• Appointment of Yvonne Monaghan as non-executive director and chair of audit, adding a highly experienced ex FTSE-250 CFO to the Company's board
• Professor Mark Ritson, Founder of MiniMBA, exercised an option to increase his beneficial interest in Brave Bison to 7%, further strengthening the partnership and providing the Company with £2m of additional capital
• Hired Vaughan Eveleigh as VP, Product and Technology, joining from WPP where he was AI product director for WPP Open. This new role will build on the success of Brave Bison's existing AI operating platform BBx including award-winning insight tool AudienceGPT
• New business wins in the period include Nestlé, ServiceNow, Heineken, Zoopla, Booking.com, McLaren, Nature's Menu, Omnicom and Versuni (the holding company for Philips Domestic Appliances)

Outlook

• Trading remains in-line with the Board's expectations, and as previously announced, weighted to the second half as MiniMBA's course calendar runs April to July and September to December
• Following the firm offer for System1 announced on 30 July 2026, the Board remains confident in the strategic and financial rationale for combining the two businesses and will continue to communicate the merits of the offer to System1 shareholders

H1 2026 Financial & Strategic Review

The first half of 2026 has seen further progress towards our mission of becoming the marketing and technology partner of choice for global brands. We have strengthened our platform-based, scalable capabilities, delivered record performance at MiniMBA, and taken a major step forward in our strategic investment in System1.

We have also continued to diversify our shareholder base, welcoming John Kearon, the Founder of System1, as a new shareholder as part of our strategic investment, alongside a further investment from Mark Ritson, Founder of MiniMBA, who recently increased his beneficial interest in the Company to 7%.

Trading Summary

Trading in the first half of 2026 was ahead of our July 2026 trading update. Brave Bison reported net revenue of £23.9m (H1 2025: £12.0m), growth of 98% year-on-year, Adj. EBITDA of £4.5m (H1 2025: £2.3m) and Adj. Profit Before Tax of £4.1m (H1 2025: £1.9m).

Net revenue growth was driven by accretive acquisitions, strong trading in the sport & entertainment division, and organic growth at MiniMBA of double-digits year-on-year. Scalable, platform-based solutions delivered 41% of Group divisional EBITDA and 32% of net revenue in the period, reflecting the high-margin, low marginal cost economics of this part of the business.

MiniMBA delivered record contract wins in the period, including a multi-year agreement with Omnicom, the world's largest advertising holding company. Following its acquisition in August 2025, Brave Bison has substantially improved the marketing, sales and product development capabilities of this category-leading marketing training business.

• EBITDA margin was stable at 19% (H1 2025: 19%), as continued integration and cost synergies offset investment to support growth. Statutory profit before tax increased to £2.1m (H1 2025: £0.1m). Acquisition and restructuring costs reduced to £0.6m (H1 2025: £1.5m), although amortisation of acquired intangible assets increased to £1.4m (H1 2025: £0.2m).

An analysis of the profit before tax is shown below:

Net cash, excluding lease liabilities, of £4.7m at 30 June 2026 (31 December 2025: £4.3m, 30 June 2025: £3.9m). Operating cash inflow of £3.5m was offset by £2.6m in negative working capital movements following strong cash collection in Q4 2025. Total cash and equivalents reduced from £10.5m at 31 December 2025 to £7.6m at period end as positive free cashflow was used to repay £2.6m of bank loans, pay £0.5m in dividends and acquire shares for cash in System1. The Group also received proceeds of approximately £2.0m from the exercise of Mark Ritson's outstanding share option.

System1

On 2 March 2026, Brave Bison acquired c.28% of AIM-quoted System1 at a blended average purchase price of 242 pence per share. This stake was built through a combination of a share-for-share exchange with John Kearon, System1's founder and largest shareholder, together with further shares acquired for cash on-market. As a result, John Kearon was issued 9,763,821 new Brave Bison shares as part of the transaction, becoming a significant shareholder in the Group.

System1 is a UK-based marketing research and effectiveness platform listed on the AIM market of the London Stock Exchange. Its proprietary testing tools combine behavioural science with data analytics to help brands measure and improve the effectiveness of their advertising, guiding creative development, media planning and brand strategy before campaigns go to market. System1's platform is used by a global roster of advertisers, including TikTok, Pfizer and Ikea, spanning technology, pharmaceuticals and retail. The business sits within the fast-growing marketing effectiveness segment of the industry, complementing Brave Bison's existing divisions, and would form the cornerstone of a new division for the Group.

Subsequent to the period end, on 30 July 2026, Brave Bison announced a firm offer to acquire the entire issued share capital of System1 for 327 pence per share (based on 135 pence in cash and 2.04 new ordinary shares in Brave Bison at the 20-day-volume weighted average closing share price per Brave Bison share of 94 pence per Brave Bison share on 10 July 2026, being the last business day before the commencement of the offer period), representing a substantial premium to the 242 pence blended average price paid to build the Group's c.28% stake. The Board believes that the combination would create a new platform of significant scale and continues to engage with the Board of System1 and its shareholders on the merits of the offer.

Board & Governance

Yvonne Monaghan was appointed as a Non-Executive Director and Chair of the Audit Committee, effective 1 May 2026, further strengthening corporate governance in line with the Group's continued growth. Yvonne is a Chartered Accountant, qualifying with Deloitte Haskins & Sells, and was until recently Director and Chief Financial Officer of Johnson Service Group plc, the FTSE 250-listed textile rental business, which she joined in 1984 and served as CFO from 2007.

Yvonne brings extensive financial and financial reporting expertise, a sound practical understanding of corporate governance, and a deep appreciation of investor sentiment to the Board. Yvonne also currently serves as a Non-Executive Director of The Pebble Group plc, an AIM-quoted digital commerce and promotional products business, where she is Senior Independent Director and Chair of the Audit Committee, having joined ahead of that company's 2019 IPO.

On behalf of the Board

Oliver Green

Chairman

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2026

Items that may be reclassified subsequently to profit or loss

BRAVE BISON GROUP PLC

NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2026

1 General information

The information for the year ended 31 December 2025 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The interim financial statements have not been audited or reviewed by the Group's auditor.

2 Accounting policies

Basis of preparation

The annual financial statements of Brave Bison Group plc are prepared in accordance with the accounting policies and presentation required by UK adopted International Accounting Standards, and International Financial Reporting Interpretations Committee ("IFRIC") Interpretations as endorsed for use in the UK. The condensed set of financial statements included in this half yearly report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting".

The interim statement has been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings and from equity markets. The cash holdings of the Group at 30 June 2026 were £8.3 million.

The Directors have prepared detailed cash flow projections (the "Projections") which are based on their current expectations of trading prospects. The board forecasts that the Group will achieve positive cash inflows in the second half of 2026 and in 2027. Accordingly, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing these financial statements.

The Directors also continue to maintain rolling forecasts which are regularly updated.

Significant accounting policies

The accounting policies applied by the Group in this condensed set of consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2025, with the addition of the policies below:

Financial Instruments

Contingent consideration

Contingent consideration is initially measured at fair value using probability weighted estimated future cash flows. Contingent consideration is measured at fair value through profit and loss. As such, at each reporting date, the contingent consideration is fair valued, with movement in the fair value taken to the statement of comprehensive income.

Investment in associates

Associates are entities in which the Group has significant influence over the financial and operating policy decisions of the investee,but does not have control or joint control over those policies.

The Group applies the equity method to account for its investments in associates. Under the equity method, on initial recognition the investment in the associate is recognised at cost, and the carrying amount is increased or decreased to recognise the Group's share of the post-acquisition profits or losses, and other comprehensive income or expenses of the investee. The Group's share of the investee's profits or losses and other comprehensive income are recognised in the consolidated statement of comprehensive income.

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in associate. At each reporting date the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognises the loss within 'Share of profit or loss of an associate' in the statement of profit and loss.

Other pronouncements

Other accounting pronouncements which have become effective from 1 January 2026 and therefore have been adopted do not have a significant impact on the Group's financial results or position.

3 Segment reporting

The Group has identified two geographic areas (United Kingdom & Europe and Rest of the world) and the information is presented based on the customers' location.

Geographic reporting

The information is presented based on the customers' location.

(audited)

The Group identifies two revenue streams, Services revenue and Platform revenue. The analysis of revenue by each stream is detailed below.

(audited)

Timing of revenue recognition

The following table includes revenue from contracts disaggregated by the timing of recognition.

(audited)

Restructuring costs in 2025 relate to unused property leases acquired with Builtvisible, duplicate IT contracts now replaced, and termination payments in relation to staff restructuring as a result of the recent acquisitions. Restructuring costs in 2026 are predominantly termination payments in relation to central administrative staff restructuring following acquisitions in 2025.

5 Earnings per share

Both the basic and diluted earnings per share have been calculated using the profit after tax attributable to shareholders of Brave Bison Group plc as the numerator, i.e. no adjustments to profits were necessary in 2025 or 2026. The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

The Group completed a 1-for-20 share consolidation effective 11 July 2025, whereby every 20 existing ordinary shares were consolidated into 1 ordinary share. In accordance with IAS 33 Earnings Per Share, the weighted average number of shares for all periods presented has been adjusted retrospectively to reflect the impact of the share consolidation. As a result, the basic and diluted earnings per share for the comparative 6 month period ended June 2025 have been restated to ensure comparability with the current period presentation. The restatement affects only the per-share calculations and has no impact on total profit, equity or cash flows previously reported.

Tax credits removed from earnings for the 6 months ended June 2026 consist of unwinding of deferred tax on acquired intangibles.

6 Intangible Assets

Rights attributable to ordinary shares

The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.

9 Leases

Lease liabilities are presented in the statement of financial position as follows:

With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a corresponding lease liability.

The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the statement of financial position:

The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June 2026 were as follows:

The Group does not have any liabilities for short term leases.

During the period, the Group entered into an agreement for a new office lease. The lease commencement date is subsequent to the reporting date and, accordingly, no right-of-use asset or lease liability has been recognised in these interim financial statements. Lease liabilities will be recognised from the commencement date in accordance with IFRS 16 Leases.

10 Financial Instruments

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 3: unobservable inputs for the asset or liability

11 Acquisition Liabilities and Contingent Acquisition Liabilities

The terms of an acquisition may provide that the value of the purchase consideration, which may be payable in cash or shares or other securities at a future date, depends on uncertain future events such as the future performance of the acquired company. The Directors estimate that the liability for payments that may be due is as follows:

The Group has a £10m RCF with an interest margin of between 1.75% and 1.85% over Base Rate, depending on the leverage ratio. The RCF has a 3 year term, however the amount of the facility will reduce to £5m after the first year. The Group had drawn down £3.5m at the period end.

Following the period end the Group signed a new facility agreement which replaces the above RCF, and also allows for a certain funds facility to enable the Offer for System1. The RCF element of this facility is £7.5m. The interest margin of this element is between 1.85% and 1.95% over Base Rate, depending on the leverage ratio.

The Group has a Bounce Back Loan Agreement which is due to be fully repaid in 2026. The repayment amount and timing of each instalment is based on a fixed interest rate of 2.5% payable on the outstanding principal amount of the loan and applicable until the final repayment date. This loan is unsecured. The Group also has a U.S. Small Business Administration loan which was acquired as part of the SocialChain acquisition which is due to be fully repaid in 2050. The repayment amount and timing of each instalment was based on a fixed interest rate of 3.75% per annum payable on the outstanding principal amount of the loan and applicable until the final repayment date.

13 Transactions with Directors and other related parties

The Printed Group Limited are a related party due to the directorship of Jack Green who is the brother of Oliver and Theodore Green.

During the reporting period, Oliver Green and Theodore Green resigned as directors and ceased to hold their shareholdings in Tangent Marketing Services Limited. As a result, Tangent Marketing Services Limited no longer meets the definition of a related party from the date of cessation. Transactions disclosed in this note relate only to the period during which the related party relationship existed.

Tangent Marketing Services rent office space from Brave Bison at its London headquarters.

Tangent Marketing Services pays Brave Bison a salary recharge for certain employees in the HR, IT and facilities departments.

The Printed Group is a client of Brave Bison, whereby Brave Bison provides search engine optimisation services to The Printed Group.

All related party transactions are undertaken on an arms-length basis and are approved beforehand by the Group's independent directors. A copy of the Group's related party policy is available at bravebison.com/investors.

Transactions with associates and related parties during the period were:

(audited)

Amounts charged to Tangent Marketing Services Limited by Brave Bison

Amounts charged to Brave Bison by Tangent Marketing Services Limited

Amounts charged to The Printed Group Limited by Brave Bison

14 Investment in Associate

During the period, the Group acquired a c.28% equity interest in System1 by way of a share-for-share exchange with John Kearon, System1's founder and largest shareholder, and on-market purchases totalling £1.3 million. System1 is incorporated in England and Wales, and its registered office is 4 More London Riverside, London, England, SE1 2AU. The investment has been included in the consolidated financial statements using the equity method from 2 March 2026. The Group is considered to have significant influence over the financial and operating policies of the entity.

At 30 June 2026, the carrying value of the investment in associate was £8.9 million.

(unaudited)

6 months ended June 2026

£000's

At 30 June 2026 the fair value of the investment based on the quoted market price of System1 shares was £11.0 million.

System1 has a year-end of 31 March. On 12 July 2026 Brave Bison Group plc announced a Possible Offer for System1, which then progressed to a firm offer on 30 July 2026. The Group does not have access to the System1 finalised management accounts drawn up to 30 June 2026 to use for equity accounting purposes. The summarised financial information below is therefore based on the accounts to 31 March 2026. It has then been adjusted for the 3 months from 1 April 2026 to 30 June 2026 based on pro-rating the consensus forecasts for System1 as referenced in their trading update of 16 March 2026. This inclusion is made without the agreement or approval of System1.

Summarised Statement of Financial Position

(unaudited)

At 30 June 2026

£000's

Summarised Statement of Profit and Loss and Other Comprehensive Income

(unaudited)

2 March 2026 to 30 June 2026

£000's